Max Zipper Co Ltd (8932) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Max Zipper Co Ltd TWD 86.00, price TWD 93.20, upside -7.7%, quality 74 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Wiselink Co., Ltd. manufactures and sells zippers under the MAX Zipper brand name worldwide. It offers invisible, coil, Delrin, and metal zippers and sliders; tape attachable and attach links, spring-lock, and plastic slider; and metal, plastic, cord, diamante, leather, and woven puller.
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Wiselink Co., Ltd. manufactures and sells zippers under the MAX Zipper brand name worldwide. It offers invisible, coil, Delrin, and metal zippers and sliders; tape attachable and attach links, spring-lock, and plastic slider; and metal, plastic, cord, diamante, leather, and woven puller. The company's products are used in garment, sporting goods, leather bags, luggage, automobile seats cover, and other processed goods. Wiselink Co., Ltd. was founded in 1978 and is headquartered in Taipei, Taiwan.
Stock analysis
Max Zipper Co Ltd (8932) currently trades at 93.20 TWD, while our model-based Fair Value estimate is 86.00 TWD, implying the stock looks roughly 8.4% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 58.01 TWD per share, and 0 of the 26 models we run sit above the 93.20 TWD price.
Bear case: the Economic Profit group reads lowest at 21.44 TWD, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 51.62 TWD (bear) to 173.88 TWD (bull), the price of 93.20 TWD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 74/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Max Zipper Co Ltd reported revenue of 2.3B TWD in FY2025 versus 943M TWD in FY2021, a compound +24.6%/yr. Reported net income was 658M TWD in FY2025.
Key figures
Market cap 40.7B TWD (≈ $1.3B) · P/E ratio 77.7 · P/S ratio 22.5 · EPS (TTM) 1.20 TWD · Dividend yield 0.8% · Net margin 29.0% · Return on equity 36.9% · Return on assets (EBIT) 11.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 57% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −1% fair-value upside, at −8%, 8932 screens richer than that median.
Fair Value models
Bear 51.62 TWDFair Value 86.00 TWDBull 173.88 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.1456 TWD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+51.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+41.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.2%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.7%
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What shareholders gained per year (last 3 years), in TWD (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+30.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+29.4%
Dividend (yield on the price)0.8%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−6% → 47%
2025 sits 84% above its own trend. The rate follows the median trend of the last 3 years, not that single year.
⚠ Revenue per share shrinking 16.8%/yr over ~6Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+24.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +22.7% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Apparel Manufacturing · 217 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score74 · Top 25%
Fair Value upside−8% · Below median
Profitability
Return on equity (TTM)37% · Top 25%
Return on assets21% · Top 25%
Net margin (TTM)31% · Top 25%
Operating margin (TTM)44% · Top 25%
Growth and dividend
Revenue growth8% · Above median
Dividend yield (TTM)0.8% · Bottom 25%
Balance sheet
Debt / equity0.15× · Above median
Valuation Multiplesvs Apparel Manufacturing median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Max Zipper Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/8932
Frequently asked questions
Is Max Zipper Co Ltd (8932) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 86.00 TWD versus a price of 93.20 TWD, about −8% upside (fairly valued).
What is the fair value of 8932?
Our model-based fair value for Max Zipper Co Ltd is 86.00 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 93.20 TWD.
What is the quality score of 8932?
Max Zipper Co Ltd has a Quality Score of 74/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Max Zipper Co Ltd (8932)?
Our model-based price target is the fair value of 86.00 TWD (as of Sep 23, 2026) from 26 valuation models. Cautious scenario 51.62 TWD, optimistic scenario 173.88 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Max Zipper Co Ltd stock forecast for 2026?
Our models put fair value at 86.00 TWD, about −8% upside versus a price of 93.20 TWD (fairly valued). Cautious scenario 51.62 TWD, optimistic scenario 173.88 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Max Zipper Co Ltd (8932)?
Max Zipper Co Ltd reported trailing-twelve-month revenue of about 2.4B TWD (latest available figure, as of Sep 23, 2026).
Does Max Zipper Co Ltd pay a dividend?
Max Zipper Co Ltd currently shows a dividend yield of about 0.77% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Max Zipper Co Ltd (8932)?
For today's price to be fair in a discounted-cash-flow model, Max Zipper Co Ltd would have to grow free cash flow by +24.6 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +23.2 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 8932 use?
Our models discount Max Zipper Co Ltd at 9.1 %: a base by market capitalisation (large), damped by beta 0.71, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Max Zipper Co Ltd that is +24.6 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has Max Zipper Co Ltd (8932) delivered so far?
Over the past 5 years revenue at Max Zipper Co Ltd grew +23.2 % a year. The price currently implies +24.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Max Zipper Co Ltd (8932) growing?
The median revenue growth in the sector is +2.5 % a year. That is the yardstick for the growth priced into Max Zipper Co Ltd (+24.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Max Zipper Co Ltd (8932)?
The free-cash-flow yield on the price is 2.05 %: that much free cash flow Max Zipper Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Max Zipper Co Ltd (8932)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Max Zipper Co Ltd it is 86.00 TWD per share (as of Sep 23, 2026), against a price of 93.20 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Max Zipper Co Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 8932 trades above its calculated fair value: price 93.20 TWD, fair value 86.00 TWD, a gap of about −8% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 8932?
No. The price is what the market pays today (93.20 TWD); the fair value is what the company's own numbers justify (86.00 TWD). For Max Zipper Co Ltd the two are 7.21 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Max Zipper Co Ltd worth?
The market values Max Zipper Co Ltd at about 40.7B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 93.20 TWD; our models calculate a fair value of 86.00 TWD per share.
What do the bullish and bearish scenarios say about 8932?
Our models span a range for Max Zipper Co Ltd: cautious scenario 51.62 TWD, base 86.00 TWD, optimistic 173.88 TWD per share (as of Sep 23, 2026, price 93.20 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 8932?
Max Zipper Co Ltd trades at a price-to-earnings ratio of 77.7 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 86.00 TWD is built from several models across several years. Other multiples: P/B 17.9, P/S 16.9, EV/EBITDA 33.7.
How solid is the balance sheet of Max Zipper Co Ltd (8932)?
Balance-sheet figures for Max Zipper Co Ltd (as of Sep 23, 2026): return on equity 36.9%, debt of 0.15 per unit of equity. They feed the Quality Score of 74/100, which measures business quality independently of the share price.
How far is 8932 from its 52-week high?
Max Zipper Co Ltd trades at 93.20 TWD, about 57% below its 52-week high of 219.00 TWD and 16% above the low of 80.10 TWD (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 86.00 TWD is for.
Which stocks are comparable to Max Zipper Co Ltd?
From the same area (Consumer Cyclical) we also value Ralph Lauren Corporation, Moncler S.p.A, Gildan Activewear Inc, LPP SA, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Max Zipper Co Ltd stock attractive at the current price?
The data as of Sep 23, 2026: price 93.20 TWD, calculated fair value 86.00 TWD (−8%), Quality Score 74/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 8932 calculated?
We run Max Zipper Co Ltd through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 86.00 TWD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Max Zipper Co Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Max Zipper Co Ltd (8932)?
The closing price on Sep 23, 2026 was 93.20 TWD. Our model-based fair value is 86.00 TWD, about −8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Max Zipper Co Ltd right now?
The model range is unusually wide (51.62 TWD to 173.88 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Key figures of Max Zipper Co Ltd
How large is the market capitalisation of Max Zipper Co Ltd (8932)?
The market capitalisation of Max Zipper Co Ltd is 40.7B TWD (≈ $1.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Max Zipper Co Ltd (8932)?
The price-to-sales ratio of Max Zipper Co Ltd is 22.5 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Max Zipper Co Ltd (8932)?
Earnings per share at Max Zipper Co Ltd are 1.20 TWD (price ÷ EPS = P/E 77.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Max Zipper Co Ltd (8932)?
The dividend yield of Max Zipper Co Ltd is 0.8% (payout 60.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Max Zipper Co Ltd (8932)?
The net margin of Max Zipper Co Ltd is 29.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Max Zipper Co Ltd (8932)?
The return on equity (ROE) of Max Zipper Co Ltd is 36.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Max Zipper Co Ltd (8932)?
On an EBIT basis the return on assets of Max Zipper Co Ltd is 11.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Max Zipper Co Ltd (8932)?
The operating margin of Max Zipper Co Ltd is 44.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Max Zipper Co Ltd (8932)?
Revenue at Max Zipper Co Ltd is growing +8.2% versus a year earlier (3y avg +41.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Max Zipper Co Ltd (8932)?
Earnings per share at Max Zipper Co Ltd are growing +35.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Max Zipper Co Ltd (8932) carry?
The net debt of Max Zipper Co Ltd is 232M TWD (fiscal year 2023, ≈ 0.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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